AppLovin (NASDAQ:APP) PT Raised to $87.00

AppLovin (NASDAQ:APP - Get Free Report) had its price target raised by stock analysts at Wedbush from $67.00 to $87.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price objective points to a potential upside of 11.20% from the stock's previous close.

Several other equities analysts also recently weighed in on APP. BTIG Research lifted their target price on shares of AppLovin from $65.00 to $87.00 and gave the stock a "buy" rating in a research note on Tuesday. UBS Group lifted their target price on shares of AppLovin from $46.00 to $55.00 and gave the stock a "neutral" rating in a research note on Thursday, February 15th. TheStreet upgraded shares of AppLovin from a "d+" rating to a "c-" rating in a research note on Friday, March 8th. The Goldman Sachs Group raised their price objective on shares of AppLovin from $59.00 to $73.00 and gave the company a "buy" rating in a research report on Thursday, February 15th. Finally, Oppenheimer raised their price objective on shares of AppLovin from $70.00 to $85.00 and gave the company an "outperform" rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.36.

AppLovin Stock Performance

NASDAQ APP traded up $1.90 during trading hours on Thursday, reaching $78.24. 2,696,324 shares of the company were exchanged, compared to its average volume of 4,207,543. AppLovin has a 1 year low of $15.41 and a 1 year high of $79.55. The business's 50 day simple moving average is $61.55 and its 200-day simple moving average is $47.39. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. The stock has a market capitalization of $26.76 billion, a P/E ratio of 77.83, a P/E/G ratio of 1.57 and a beta of 1.90.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, February 14th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.14. The firm had revenue of $953.26 million during the quarter, compared to the consensus estimate of $928.66 million. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The company's revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.21) earnings per share. On average, equities research analysts expect that AppLovin will post 2.48 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 2,890 shares of AppLovin stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total transaction of $166,926.40. Following the completion of the sale, the insider now directly owns 546,560 shares in the company, valued at $31,569,305.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other AppLovin news, Director Craig Scott Billings sold 5,550 shares of AppLovin stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the transaction, the director now directly owns 12,739 shares of the company's stock, valued at $743,065.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 2,890 shares of AppLovin stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total transaction of $166,926.40. Following the transaction, the insider now directly owns 546,560 shares in the company, valued at $31,569,305.60. The disclosure for this sale can be found here. Insiders sold a total of 61,215 shares of company stock worth $4,416,815 over the last three months. 12.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of AppLovin by 8.5% in the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company's stock worth $723,245,000 after buying an additional 1,411,453 shares during the period. BlackRock Inc. increased its stake in shares of AppLovin by 2.4% in the second quarter. BlackRock Inc. now owns 8,335,764 shares of the company's stock worth $214,479,000 after buying an additional 195,030 shares during the period. Spruce House Investment Management LLC increased its stake in shares of AppLovin by 33.7% in the fourth quarter. Spruce House Investment Management LLC now owns 5,000,000 shares of the company's stock worth $52,650,000 after buying an additional 1,259,199 shares during the period. Sapient Capital LLC purchased a new position in AppLovin during the 4th quarter valued at $165,057,000. Finally, First Trust Advisors LP increased its position in AppLovin by 3.7% during the 1st quarter. First Trust Advisors LP now owns 4,040,013 shares of the company's stock valued at $63,630,000 after purchasing an additional 144,035 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.